NiCAN Provides Details on Upcoming Drill Program at Wine Nickel Property, Manitoba, Canada
NiCAN Limited
390 Bay St, Suite 700A
Toronto, ON, M5H 2M8
NiCAN Provides Details on Upcoming Drill Program
at Wine Nickel Property, Manitoba, Canada
Toronto, Ontario – September 27, 2023 – NiCAN Limited (“NiCAN” or the “Company”) (TSX-V:NICN) is
pleased to provide details on its upcoming Phase III drill program on the Wine Property , located in the
Snow Lake area of Manitoba, Canada (Figure 3). Permits are in place, a drill contractor has been selected,
and prepar ation work is underway . Initially, Phase III drilling will consist of a 1,500 to 2,000-meter
diamond drilling program, which is scheduled to commence in October 2023. The Phase III program will
focus on expanding the recently identified nickel-bearing zones to the east of the Wine Occurrence and
test newly de fined geophysical targets along strike of the Wine Occurrence over distance s of up to 4.8
km.
Highlights:
• Phase III drill program to commence at the high-grade Wine Nickel Property in October 2023.
• New geophysical targets have been identified and are being modelled for subsequent drill testing ,
expanding the overall target area to over 6 km along strike.
• Anomalous soil geochemical results have substantiated the geophysical conductors.
• New multi-anomaly target areas are ready for drilling.
NiCAN is incorporating results from the recently completed soil geochemical, as well as downhole and
surface geophysical surveys, to further refine the Phase III targets. Recent re -processing of geophysical
data in conjunction with geological and geochemical results has defined 16 targets for possible drill
testing.
Brad Humphrey, President, and CEO of NiCAN, stated, “We are eager to comm ence our third phase of
drilling on the Wine Property. This phase follows two very successful drilling programs that confirmed
high-grade nickel and copper over meaningful widths and discovered new mineralized zones for further
follow up drilling. Phase III is expected to commence in the first half of October and should be completed
before year-end.”
“The new geophysical and geochemical data has been very positive and support ive of our prevailing
geological model and has defined additional targets along strike over 6 km. All work to date continues
to suggest the Wine Gabbro hosts multiple mineralized pods or lenses similar to those found in the Lynn
Lake area. NiCAN remains in a strong position with the funds to complete its current drilling plans at
the Wine Project and holds two highly prospective nickel sulfide projects in Manitoba, a highly respected
mining jurisdiction.”
Phase III Wine Drill Program
The Phase II I Wine drill program has two primary objectives. Initially, NiCAN anticipates expanding
previously defined nickel-bearing zones located to the east of the Wine Occurrence (Figure 1). Downhole
and surface time-domain electromagnetic (“TDEM”) surveys have defined multiple conductors along a
distinct stratigraphic horizon within the Wine Gabbro. Humic soil geochemical results have shown
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anomalous Ni-Cu values associated with these electromagnetic (“ EM”) responses supporting additional
drill testing.
The second objective of NiCAN’s Phase III drill program is to identify additional nickel bearing mineralized
zones associated with newly defined geophysical targets interpreted to be along strike from the Wine
Occurrence by distances of up to 4.8 km. These are new targets that have not been drill tested in the past.
Figure 1: New 2023 Target Areas (base map - VTEM B Fieldz Channels 15-19)
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The targets drilled to date have intersected varying quantities of disseminated to massive pyrrhotite
mineralization with noticeable amounts of chalcopyrite. Most noteworthy has come from the area around
diamond drill holes Wine 23 -7 and Wine 23 -8, where varying degrees of mineralization have been
intersected in two relatively shallow zones. Assay results returned elevated copper and nickel values over
core lengths of more than 10 m (see press releases dated May 24, 2023, and June 21, 2023).
Wine Phase II Drilling Program
At the Wine Project, in early 2023, NiCAN drilled 2,845 m to test multiple conductive targets identified by
the Versatile Time Domain Electromagnetic (“VTEM”) airborne geophysical survey completed in 2022 (see
press release dated November 14, 2022). The VTEM survey was designed to define the location and depth
of conductive sources that have a similar signature to the nickel hosted mineralization intersected at the
Wine Occurrence, which returned high grade ni ckel and copper results in drilling completed in 2022 and
early 2023. A significant number of the VTEM anomalies were defined within the Wine Gabbro region.
These were geophysically modelled and drill holes designed to effectively intersect the suspected sulphide
bodies defined by these models.
The Phase II I Wine drilling program will follow up on the significant results returned from previous
diamond drilling, including;
• Diamond drill hole Wine 22-5 intersected 27.3 metres of 2.01% Ni, 1.81% Cu (2.28% NiEq)
• Diamond drill hole Wine 22-6 intersected 9.8 metres of 1.23% Ni, 2.09% Cu (1.71% NiEq)
• Diamond drill hole Wine 22-3 intersected 8.6 metres of 1.89% Ni, 1.01% Cu (1.92% NiEq)
• Diamond drill hole Wine 23 -16 intersected four zones of mineralization including 12.6 met res
of 1.52% Ni, 2.01% Cu (1.93% NiEq)
• Diamond drill hole Wine 23-17 intersected two zones of mineralization including 23.5 meters of
1.59% Ni, 1.76% Cu, (1.91% NiEq)
Note: nickel equivalent grades include only nickel and copper mineralization. Nickel equivalent grades
include nickel and copper values only and assume recoveries of 85% for nickel and 85% for copper based
on comparable deposits. Nickel price: US$10.00/lb; copper price US$3.75/lb.
Figure 2: Style of Mineralization from the Eastern Wine Zone
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Analogies to Historical Lynn Lake Nickel Deposits
NiCAN believes that the nickel mineralization hosted by the Wine Gabbro may have analogies to the
nickel-copper deposits in the Lynn Lake area where approximately 22.2 million tonnes averaging 1.0%
nickel and 0.5% copper was historically mined. The Farley Mine consisted of multiple lenses of
mineralization contained within a 4.2 km2 gabbro body. The Wine Gabbro contains numerous similarities
and has seen very little exploration for nickel-copper deposits.
Qualified Person
Mr. Bill Nielsen, P.Geo, a consultant to NiCAN, who is a qualified person under National Instrument 43 -
101 – Standards of Disclosure of Mineral Projects (“NI 43 -101”) has reviewed and approved the scientific
and technical information in this press release.
About NiCAN
NiCAN Limited is a mineral exploration company, trading under the symbol “NICN” on the TSX -V. The
Company is actively exploring two nickel projects, both located in well-established mining jurisdictions in
Manitoba, Canada.
Contact Information:
Brad Humphrey Sandy Noyes
President and CEO Investor Relations & Communications
416.565.4007 [email protected]
www.nicanltd.com
To receive news releases by e-mail, please register using the NiCAN website at www.nicanltd.com
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains certain “forward -looking information” under applicable
securities laws concerning the proposed financing, business, operation s and financial performance and
condition of NiCAN Limited. Forward -looking information includes, but is not limited to, the size and
timing of the drill program, results of the drill program, interpretations of the various surveys, NiCAN’s
ability to identify mineralization similar to that found in prior drill holes, the benefits and the potential of
the properties of the C ompany; future commodity prices (including in relation to NiEq calculations);
drilling and other exploration potential; costs; and permitting. Forward-looking information may be
characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate”
and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward -
looking information is based on the opinions and estimates of management at the date the statements
are made and are based on a number of assumptions and subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ materially from those projected in the
forward-looking information. Many of these assumptions are based on factors and events that are not
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within the control of the C ompany and there is no assurance they will prove to be correct. Factors that
could cause actual results to vary materially from results anticipated by such forward-looking information
includes changes in market conditions, fluctuating metal prices and currency exchange rates, the
possibility of project cost overruns or unanticipate d costs and expenses and permitting disputes and/or
delays. Although the C ompany has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward-looking information, there
may be other factors that cause actions, events or results not to be anticipated, estimated or intended.
There can be no assurance that forward -looking information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. The Co mpany
undertakes no obligation to update forward -looking information if circumstances or management’s
estimates or opinions should change except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking information.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX -V) accepts
responsibility for the adequacy or accuracy of this release.
Figure 3: Wine Project Location